SunTrust Banks, Inc. Reaffirms “Buy” Rating for MGP Ingredients, Inc. (MGPI)
MGP Ingredients, Inc. (NASDAQ:MGPI)‘s stock had its “buy” rating restated by stock analysts at SunTrust Banks, Inc. in a research report issued to clients and investors on Friday. SunTrust Banks also issued estimates for MGP Ingredients’ Q4 2017 earnings at $0.58 EPS, Q2 2018 earnings at $0.50 EPS, Q3 2018 earnings at $0.49 EPS, FY2018 earnings at $2.11 EPS and FY2019 earnings at $2.49 EPS.
Several other research firms also recently weighed in on MGPI. Zacks Investment Research upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Tuesday, October 10th. BidaskClub upgraded shares of MGP Ingredients from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $66.00.
MGP Ingredients (NASDAQ MGPI) opened at $72.83 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.54 and a current ratio of 4.24. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 40.47, a PEG ratio of 2.77 and a beta of 0.96.
MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, November 2nd. The company reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.45. MGP Ingredients had a net margin of 10.56% and a return on equity of 18.87%. The firm had revenue of $86.30 million during the quarter, compared to the consensus estimate of $83.57 million. During the same period last year, the firm posted $0.55 EPS. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. analysts forecast that MGP Ingredients will post 1.69 EPS for the current year.
In other news, Director Karen Seaberg sold 934 shares of MGP Ingredients stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $57.30, for a total transaction of $53,518.20. Following the completion of the sale, the director now directly owns 10,591 shares in the company, valued at $606,864.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 12,837 shares of company stock valued at $789,473. Insiders own 23.50% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of MGP Ingredients by 26.7% in the first quarter. Victory Capital Management Inc. now owns 1,840 shares of the company’s stock worth $100,000 after acquiring an additional 388 shares during the last quarter. ETF Managers Group LLC acquired a new stake in shares of MGP Ingredients in the second quarter worth approximately $134,000. SG Americas Securities LLC acquired a new stake in shares of MGP Ingredients in the first quarter worth approximately $186,000. Suntrust Banks Inc. acquired a new stake in shares of MGP Ingredients in the second quarter worth approximately $208,000. Finally, Aperio Group LLC acquired a new stake in shares of MGP Ingredients in the second quarter worth approximately $240,000. 99.36% of the stock is currently owned by institutional investors and hedge funds.
MGP Ingredients Company Profile
MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.
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